The other day I talked about my recent dispute with Flippa because they had not credited my account with the featured credits that I had paid for that I was taught using the Flipping Boss method. Well I just got done re-listing the site on Flippa for free and my auction ended the other day. So I thought that I would post an update on that listing and share the outcome with you.
My 3 Day Auction
All my auctions are set up for three days because I want to get done with them as quickly as possible. If you know anything at all about Flippa then you know that unless you pay for some type of featured upgrade, you will not get a lot of traffic to your auction. I tend to get about 100 views to an auction that does not have a featured upgrade. If I am lucky enough then I will get more views, but that rarely happens.
Well my auction ended yesterday and as I mentioned in the posting that I talked about the free Flippa re-listing, I used 180 credits that they applied to that site because the first time it sold the buyer did not pay. As I mentioned in that post, the credits had to be applied to that particular site, because Flippa did not credit my account with the credits, they applied the credits to be used with the site that did not sell.
What My Site Sold For
My auction ended several days ago and it sold for $105 (yes that means that I took a loss on it). Which sucks, but I guess that is something that we all have to be willing to endure when we are testing new methods out to see if they work. The buyer has already paid me for the site and it has been transferred to the new owner. I still have an unpaid invoice that I have to pay Flippa regarding the sale.
What Was My Loss?
When you break the numbers down you will realize that I lost quite a bit on this site. Okay here are the numbers:
- $4.95 Domain Purchase fee
- $29.00 listing fee
- $150.00 Featured Listing Fees
- $10.00 Success Fee (not paid yet)
Total Cost To List the site on Flippa: $193.95
Loss On Site: $88.95
Yeah, I won’t be listing anymore sites using this method, I hate losing money!
The Steps I Took In Selling The Site
Now before you say that I knew it is impossible to make money selling online websites, let me tell you that I disagree. I have sold several sites online and have made a profit (sure it may not be a big profit on all my sites) but this is the first time that I have lost so much money. However, I knew that when I listed the site using the method that I was taught in the coaching program that I was taking a risk. I don’t mind taking some risks sometimes, (that is the only way to test things out) however, I will not sell another site using this method again. (at least for a while)
When I first listed the site I paid the $29 fee as well as the featured listing fee of $50. The site immediately went to the front page of Flippa. It stayed there for about 14 hours. The next evening I paid again for the featured listing around 8:30 p.m. Then the last featured listing fee was paid on the third and final night of the auction. This is the method that is taught in the coaching course.
My auction had a total of 400 views and 10 bids. (That is not a lot of bids, considering that I paid for the featured listing 3 times) Your goal by using this method of implementing the featured listing is to get over 20 bids, which will put your site on three different listings on Flippa by your third day, “Most Viewed” “Ending Soon” and of course on the third day you will be on the “featured listing”.
That just did not happen with this site and I ended up taking a huge loss. The coach says not to look at it as a loss, after all you are building a business by selling online websites. Well, I tend to disagree, how can I not look at this like a loss? It may be easy for someone who has a lot of money not to look at it as a loss, but to me whenever you do not make more money than you spend, then you are taking a loss.
Enough Of My Rant
Anyway, I have no one to blame and I did learn something from this. While it may work for my coach and I am not saying that this will always happen. After all Flippa is an auction place and we never know what a site is going to sell for when we list it. Heck, you could list the same site that I sold for $105 and you could end up selling it for over $300 or more, we just never know.
I can tell you one thing, I am going back to my old method of flipping websites. Sure that method does not make a lot of money at once, but I was having decent results with that method. The best thing that I like about the old method, I don’t really have to worry about buyers not paying me. All of the buyers that I have dealt with have been extremely quick to pay for the site they purchased.
Time To Share
If you are selling online websites, have you had good success? How many sites do you list on Flippa every week? Look forward to hearing people’s responses regarding their flipping business, maybe I can learn something new.
Journey To Full-Time Income